with advanced analytics and functionally relevant application technology to deliver value for our clients.


These charges are presented in our table of non-GAAP net income and earnings per share amounts in our press release issued earlier today.

these charges are presented in our table of non-gaap net income and earnings per share amounts in our press release issued earlier today


will have some impact, all else equal, but the rest of the business is doing a little better than

will have some impact all else equal but the rest of the business is doing a little better than


especially in China, and a myriad of software developments to bring new web-based and mobile capabilities to our customers.

especially in china and a myriad of software developments to bring new web-based and mobile capabilities to our customers


This decrease was mainly the result of the decline in volumes and our continued investment in new high volume technologies.

this decrease was mainly the result of the decline in volumes and our continued investment in new high-volume technologies


We are not concerned that this would negatively impact our plans as we currently do not have projects that we meet those conditions

we are not concerned that this would negatively impact our plans as we currently do not have projects that we meet those conditions


If you look back at some of the stores that were relocated a few years ago, like how long does it normally take, how many years for those stores to get to

if you look back at some of the stores that were relocated a few years ago like how long does it normally take how many years for those stores to get to


that were not related to our core activity. And also we rationalized the portfolio

that were not related to our core activity and also we rationalized the portfolio


unless you separate these things out, you will be always criticized and you are making so much money out of your telecommunications service.

unless you separate these things out you will be always criticized that you are making so much money out of your telecommunication service


to take a deep breath. I know everyone is focused on the recent election and the transition that's going on and

to take a deep breath i know everyone is focused on the recent election and the transition that's going on and


I guess, I lied. We pulled it off again 3 quarters later, and I'm really happy for our shareholders for the quarter that we've just had.

i guess i lied we pulled it off again 3 quarters later and i'm really happy for our shareholders for the quarter that we just had


is to be -- is to achieve excellence in your investment performance. You simply have to be a good stock picker. And I'd say, so far so good

is to be -- is to achieve excellence in your investment performance you simply have to be a good stock picker and i'd say so far so good


Yes, I would say also the key here is that if we had knocked on the strategy change, we would have been forced to sell these private holdings,

yes i would say also the key here is that if we had not done the strategy change we would have been forced to sell these private holdings


And it is important to note that we will have meaningful representation of senior JLT colleagues at the Executive Committee level.

and it is important to note that we will have meaningful representation of senior jlt colleagues at the executive committee level


With the success of that trial, that has now gone live across the business from the start of this financial year, and I would expect us to get some benefit from that process.

with the success of that trial that has now gone live across the business from the start of this financial year and i would expect us to get some benefit from that process


And going forward, I think -- I will address this since this must be on your mind as well. Going forward,

and going forward i think i will address this since this must be on your mind as well going forward


was really high, you had to amend your covenants many times. What is being done internally to make sure you're not going to see that again?

was really high you had to amend your covenants many times what is being done internally to make sure you're not going to see that again


How about the strategic funding needs? You explained the Yokohama site. If that is the only major one,

how about the strategic funding needs you explained the yokohama site if that is the only major one


we talked about the changes to the organization because of the unfortunate situation with John.

we talked about the changes to the organization because of the unfortunate situation with john and


In Business, we've seen a steadily improving revenue trend in the last 2 years and we remain on track to stabilize revenues.

in business we've seen a steadily improving revenue trend in the last 2 years and we remain on track to stabilize revenues


and continue to pursue optimal capital allocation strategies that are in the best interest of our students and other stakeholders.


There are weekly department and team meetings to discuss the progress towards building a productive engagement with each new student.

there are weekly department and team meetings to discuss the progress towards building a productive engagement with each new student


The purpose of this call is to discuss the information and data provided in the quarterly earnings release issued this morning.

the purpose of this call is to discuss the information and data provided in the quarterly earnings release issued this morning


that doesn't actually necessarily make a lot of sense. So I think what we need to do broadly as an industry is to better educate

that doesn't actually necessarily make a lot of sense i think what we need to do broadly as an industry is to better educate


based on strategic prioritization is proving to be effective. We will highlight more of this at our upcoming Investor Day.

based on strategic prioritization is proving to be effective we will highlight more of this at our upcoming investor day


But our pipelines are up significantly like 50% if you do an apples-to-apples comparison on where we were

but our pipelines are up significantly like 50% if you do an apples-to-apples comparison of where we were


But overall, we think we have good product, good performance in that product too, and I think a lot of channels to sell through.

look overall we think we have good product good performance in that product too and i think a lot of channels to sell through


Though we believe customers have mostly exhausted their 2017 budgets and expect lighter bookings and flat revenues through year-end,

though we believe customers have mostly exhausted their 2017 budgets and expect lighter bookings and flat revenues through year-end


How should we just think about the Mako opportunity internationally, especially given some of the variant reimbursement structures that we have in place overseas?

how should we just think about the mako opportunity internationally especially given some of the variant reimbursement structures that we have in place overseas


And if the environment that they are in can't reach those minimum thresholds, then they need to keep moving into an environment that can.

and if the environment that they're in can't reach those minimum thresholds then they need to keep moving into an environment that can


we reached out to our partners. They've reached out to us, and they're eager to work with us on extending their reach in the market.

we've reached out to our partners they've reached out to us and they're eager to work with us on extending their reach in the market


The leadership in response of the claims and branch team has so far even close to what my other carriers have done.

the leadership and response of the claims and branch team has so far anything even close to what my other carriers have done


Over the coming quarters, we will continue to take additional steps to execute the plan consistent with these financial objectives.

over the coming quarters we will continue to take additional steps to execute a plan consistent with these financial objectives


At the same time, we also refinanced our debt at the end of the second quarter, which resulted in lower interest costs, better covenants and a

at the same time we also refinanced our debt at the end of the second quarter which resulted in lower interest costs better covenants


But you'd have to have those things -- a good price that you're getting in at, and there is some big synergies that you can go after.

but you'd have to have those things good price that you're getting in at and that there's big synergies that you can go after


get a mail market that is affordable, accessible and will continue to be so for everybody in the Netherlands throughout the country,

get a mail market that is affordable accessible and will continue to be so for everybody in the netherlands throughout the country


so that our customers get that they're making a lifelong decision about Park City Group, and that's critically important to the sales effort.

so that our customers get that they're making a lifelong decision about park city group and that's critically important to the sales effort


and we look forward to providing you with updates as we move forward. Thank you all for joining us in the call today. Thank you, and goodbye.

and we look forward to providing you with updates as we move forward thank you all for joining us in the call today thank you and goodbye


Our markets are economically vibrant, as evidenced by a double-digit loan growth, and we continue to take share from the larger banks.

our markets are economically vibrant as evidenced by double-digit loan growth and we continue to take share from the larger banks


We believe this investment has been a key driver of our like-for-like sales performance, along with the growth in passenger numbers.

we believe this investment has been a key driver of our like-for-like sales performance along with the growth in passenger numbers


of company to watch in 2019. We will find out the results next week. We have really come a long way in the last 2 years.

of company to watch in 2019 we will find out the results next week we have really come a long way in the last 2 years


which will be published late Friday for the largest 51 banks in Europe and on Deutsche Bank's funding profile.

which will be published late friday for the largest 51 banks in europe and on deutsche bank's funding profile


One of our toughest challenges right now is dealing with generally weak demand from many of our Consumer Packaging customers. This isn't new.

one of our toughest challenges right now is dealing with generally weak demand for many of our consumer packaging customers this isn't new


is our ability to convert some of our nonrecurring revenue to recurring revenue. There's a number of

is our ability to convert some of our nonrecurring revenue to recurring revenue there's a number of


While this trend may not persist in a straight line, this growing revenue seem -- stream is clearly stable.

while this trend may not persist in a straight line this growing revenue stream is clearly stable


it will convert, people will convert it because it is currently very attractively priced for people who

it will convert people will convert it because it's currently very attractively priced for people who


More diverse demand drivers spanning consumer and enterprise markets, combined with very disciplined investment,

more diverse demand drivers spanning consumer and enterprise markets combined with very disciplined investment


particularly as our direct exposure to machine sales has declined in a relative sense with increased software content.


some of our checks that there were customers pulling forward spend in advance of price increases. So I was wondering if you

in some of our checks that there were customers pulling forward spend in advance of price increases so i was wondering if you


to emphasize that we have completed this 4-year transition of reducing volatility while increasing premium,


we feel that we have a lot more potential to sell broadly internationally, and we just need to build out that platform to be able to attack those other markets.

and we feel that we have a lot more potential to sell broadly internationally and we just need to build out that platform to be able to attack those other markets


We continue to invest in items around automation and network optimization, particularly within our Commerce Services businesses.

we continue to invest in items around automation and network optimization particularly within our commerce services businesses


and that goes to the board for final approval tomorrow, which will be routinely processed.

and that goes to the board for final approval tomorrow which will be routinely processed


And these acquisitions are important because they are strengthening our portfolio by providing us access to the right end markets with

and these acquisitions are important because they are strengthening our portfolio by providing us access to the right end markets with


I expect strategic investments in first quarter to be very similar to what we saw in the fourth quarter.

i expect strategic investments in first quarter to be very similar to what we saw in the fourth quarter


In broadening our strategic purview, we do expect overall yields to decline somewhat as we grow by extending our reach into new segments.

in broadening our strategic purview we do expect overall yields to decline somewhat as we grow by extending our reach into new segments


in the previous period, but nevertheless, we've been able to return to that corridor of profitability

in the previous period but nevertheless we've been able to return to that corridor of profitability


And we need to get them into full launch, which, by the way, around a year from now, would be the time frame that we should be in full launch of that full portfolio.

and we need to get them into full launch which by the way around a year from now would be the time frame that we should be in full launch of that full portfolio


earlier this week or last week. On the -- the refinery in Mexico that went down was on the West Coast.

earlier this week or last week on the -- the refinery in mexico that went down was on the west coast


certainly, of our technology spend. I personally would like to do as much as we possibly can. If we didn't want to do it, we wouldn't be doing it,

certainly of our technology spend i personally would like to do as much as we possibly can if we didn't want to do it we wouldn't be doing it


On that note, I would like to conclude our prepared comments and turn the call back over to the operator to address any questions.

on that note i would like to conclude our prepared comments and turn the call back over to the operator to address any questions


We remain focused on growth across all our distribution channels by providing innovative products and best-in-class service quality.

we remain focused on growth across all our distribution channels by providing innovative products and best-in-class service quality


comes about over the next year or so? There might be some people sitting back, but I think there are a lot of

comes about over the next year or so there may be some people sitting back but i think there are a lot of


Mortgage had a fantastic third quarter as low interest rates drove high origination volumes and strong gain on sale margins.

mortgage had a fantastic third quarter as low interest rates drove high origination volumes and strong gain on sale margins


While this is clearly a positive step regarding interest in da Vinci procedures in Japan, the final level of reimbursement has not been communicated.

while this is clearly a positive step regarding interest in da vinci procedures in japan the final level of reimbursement has not been communicated


last year with the exception of Foods. And in fact, the Foods margin only went back -- was really because of the exposure it has to Europe and the head office costs,

last year with the exception of foods and in fact the foods margin only went backwards really because of the exposure it has to europe and the head office costs


The slides for today's presentation and corresponding segment commentary can be found on our website along with our news release.

the slides for today's presentation and corresponding segment commentary can be found on our website along with our news release


and specialty copolymers in packaging products as well as timing benefits from the second quarter.


in the corporate world to start to monetize that in better way, and we're doing that really for 2 different reasons.

in the corporate world to start to monetize that in a better way and we're doing that really for 2 different reasons


As we think about the rest of 2017, we have added back our pre-fall delivery in the second quarter, which we eliminated last year.

as we think about the rest of 2017 we have added back our pre-fall delivery in the second quarter which we eliminated last year


Not forgetting the future, the technology pieces, I spoke about not forgetting resilience, the future of the business

not forgetting the future the technology pieces i spoke about not forgetting resilience the future of the business


Although I would guess that given some of the projects that we've worked on this year, we'll probably be more at the lower end of that range. But

although i would guess that given some of the projects that we've worked on this year we'll probably be more at the lower end of that range but


And diving a little bit deeper on the hearing instruments side, now lots of the bullet points are kind of repetitive.

now diving a little bit deeper on the hearing instrument side now lots of the bullet points are kind of repetitive


materially higher number as a negative revaluation. The total negative revaluation in the first half

materially higher number as negative revaluation the total negative revaluation in the first half


increase the number of items that we prepare. We may be looking to shift them.

increase the number of items that we prepare we may be looking to shift them


The Western genre for instance continues to outperform with a key content producer. And we continue to keep that pipeline full

the western genre for instance continues to outperform with a key content producer and we continue to keep that pipeline full


This new service was developed as a direct result of customer feedback and we have a number of customers live on the system today.

this new service was developed as a direct result of customer feedback and we have a number of customers live on the system today


These standards of care have not been disrupted for decades and could benefit from new treatment options.

these standards of care have not been disrupted for decades and could benefit from new treatment options


Is there one way to think about it or just a bunch of things that always move around, but they seemed to all go the wrong way this quarter?

is there one way to think about it or just a bunch of things that always move around but they seem to all go the wrong way this quarter


The initiative is then communicated within the company and we will see the transition activities completed by the end of the fourth quarter.

the initiative is then communicated within the company and we will see the transition activities completed by the end of the fourth quarter


And as I indicated earlier in my remarks, we are now confident we can achieve 6% compound annual earnings growth

and as i indicated earlier in my remarks we are now confident we can achieve 6% compound annual earnings growth


Yes, this is Mike. Not going to give you guidance on a specific number. But as we've talked about in the past,

yes this is mike i'm not going to give you guidance on a specific number but as we've talked about in the past


Our team, working closely with our operators, performed at a high level in response to a tough demand environment.

our team working closely with our operators performed at a high level in response to a tough demand environment


With that, why don't I turn it over to Jonathan to discuss the quarter's financials before we open up the call to questions.

with that why don't i turn it over to jonathan to discuss the quarter's financials before we open up the call to questions


sometimes gives us a little bit of a blip. So sometimes, it's tougher to hold the efficiency in the second half, but, frankly,

sometimes gives us a little bit of a blip so sometimes it's tougher to hold the efficiency in the second half but frankly


So it's really a matter of timing rather than any real demand impact. We still remain extremely confident

so it's really a matter of timing rather than any real demand impact we still remain extremely confident


We need to incubate industries, and we should have the ability of turning around.

we need to incubate industries and we should have the ability of turning around


We see a special opportunity in front of us to offer innovative, unique solutions to the health care marketplace.

we see a special opportunity in front of us to offer innovative unique solutions to the healthcare marketplace


grow cash flow implies that there's significant operating leverage on an allocated basis coming from


Our business portfolio is strong, and we have -- and we continue to invest in it to drive profitable growth in the years to come.

our business portfolio is strong and we have -- and we continue to invest in it to drive profitable growth in the years to come


a change in accounting policies around revenue recognition and the timing of related expenses and a challenging comparison in the prior year.


and now in chocolate is simply the playbook, which is that we or intend to have all of our categories available

and now in chocolate is simply the playbook which is that we are -- intend to have all of our categories available


So that's what we've been doing over the past 2 years in terms of seeding the future and the customers that we've picked

so that's what we've been doing over the past 2 years in terms of seeding the future and the customers that we've picked


So I think there is some -- not only just based on the volume of customers but also based on what the customers want to buy, and we'll continue to look for that.

so i think there is some -- not only just based on the volume of customers but also based on what the customers want to buy and we'll continue to look for that


We are planning to increase our efforts at this level, and one our new venture brands will be aimed at new lower price point products for our customers.

we're planning to increase our efforts at this level and one of our new venture brands will be aimed at new lower price point products for our customers


That would just say, as if more rate hikes happen, the real question will be what happens to the long end of the curve.

and i would just say as -- if more rate hikes happen the real question will be what happens to the long end of the curve


Given the changing landscape of payment models and increased complexity, we have seen a rise in demand for these services.

given the changing landscape of payment models and increased complexity we have seen a rise in demand for these services


While I won't rehash all of that in detail today, and if it isn't already obvious, we are very excited about the opportunities ahead of us.

while i won't rehash all that in detail today and if it isn't already obvious we are very excited about the opportunities ahead of us


consistent with what we saw in the second quarter. This is a great outcome as we faced difficult conditions due to hurricanes Irma and Maria.

consistent with what we saw in the second quarter this is a great outcome as we faced difficult conditions due to hurricanes irma and maria


As we continue to reduce the complexity in the business and drive better execution in projects, we believe we have a long runway for margin improvement.

as we continue to reduce the complexity in the business and drive better execution in projects we believe we have a long runway for margin improvement


As you know, we and our collaborators have conducted some pilot-scale experiments in the past to evaluate the feasibility

as you know we and our collaborators have conducted some pilot scale experiments in the past to evaluate the feasibility


The additional activities that we have are focused on growing capability on

the additional activities that we have are focused on growing capability on


comprised approximately half of the balance of new impaired loan formations this quarter, and neither of them require a specific allowance.

comprised approximately half of the balance of new impaired loan formations this quarter and neither of them require a specific allowance


In Q1, we continued to be impacted by the challenging economic environment, resulting in revenue performance below our expectations.

in q1 we continued to be impacted by the challenging economic environment resulting in revenue performance below our expectations


We do think you're going to see some upward pricing pressure as well. So we're still optimistic at this point in the year that we're going to have a healthy cash flow for

we do think you're going to see some upper pricing pressure as well so we're still optimistic at this point in the year that we're going to have a healthy cash flow for the


We were able to do this through impressive results from our meat products, foodservice, Grocery Products and International teams.

we were able to do this through impressive results from our meat products food service grocery products and international teams


There are 4 million births a year and over 300 million people who could otherwise benefit from proactive genetic information services.

there are 4 million births a year and over 300 million people who could otherwise benefit from proactive genetic information services


Looking forward, the group intends to distribute future surplus capital via the base dividend every 6 months,

looking forward the group intends to distribute future surplus capital via the base dividend every 6 months


This guidance includes the impact of a significant increase in targeted and impactful investments in advertising,

this guidance includes the impact of a significant increase in targeted and impactful investments in advertising


hurricane recovery revenue in retail. It was also driven by 2 significant nonrepeating promotional loadings last year

hurricane recovery revenue in retail it was also driven by 2 significant nonrepeating promotional loadings last year


As noted in this morning's press release, we developed plans to permanently reduce our cost structure and began to implement those plans in December.

as noted in this morning's press release we developed plans to permanently reduce our cost structure and began to implement those plans in december


Also, in these first few months, I've had the opportunity to meet with many of our employees as well as with some of our clients.

also in these first few months i've had the opportunity to meet with many of our employees as well as with some of our clients


to have -- the initial rate has been very positive, but we really don't have what I would call a fully baked

to have the initial read has been very positive but we really don't have what i would call a fully baked


some of our cash flow level has been affected because of payables and receivables.


For example, we are conducting a few key feed studies for customers that could lead to future orders for large projects.

for example we're conducting a few key feed studies for customers that could lead to future orders for large projects


the better optimization of our store technical -- or technician labor allowed us to achieve overall greater store efficiency

the better optimization of our store technical or technician labor allowed us to achieve overall greater store efficiency


I just would like to ask you to pay attention to our declaration we have here.

i just would like to ask you to pay attention to our declaration we have here


So those could be reagents, those could be containers, those could be devices. There could be some ancillary services that are also

so those could be reagents those could be containers those could be devices and there could be some ancillary services that are also


not only have we optimized the design, but that the co-ventures are all ready to move forward and that we have a

not only have we optimized the design but that the co-ventures are all ready to move forward and that we have a


I think we have a lot of flexibility, and we have built these plans with the eye of being able to effectively scale up and scale down

i think we have a lot of flexibility and we have built these plans with the eye of being able to effectively scale up and scale down


And so while in the past a lot of cattle feeders were directly focused on taking care of the packing demand that was owned by those companies,

and so while in the past a lot of cattle feeders were directly focused on taking care of the packing demand that was owned by those companies


In that particular area, we took that knowing that our ZBB program will be kicking off at the latter part of the first quarter

in that particular area we took that knowing that our zvv program would be kicking off at the latter part of the first quarter


to build on Chris' question, how much of that new capacity that you added in France is going to be taken up by the new opportunity

to build on chris' question how much of that new capacity that you added in france is going to be taken up by the new opportunity in


it sounds like you're getting closer. You're doing some trials and customer qualifications. When do you anticipate

it sounds like you're getting closer you're doing some trials and customer qualifications when do you anticipate


To put it simply, we used to make too many pieces of traditional TV advertising and we used to take them off-air before they reach their full effectiveness.

to put it simply we used to make too many pieces of traditional tv advertising and we used to take them off air before they reached their full effectiveness


Before I turn the call over to Scott, I want to remind everyone that some of the statements provided during this call and in the press release are forward-looking.

before i turn the call over to scott i want to remind everyone that some of the statements provided during this call and in the press release are forward-looking


We currently have about 5 of our villages in the early stages of planning, and we've started with holding units for sale at some of those villages.

we currently have about 5 of our villages in the early stages of planning and we've started with holding units for sale at some of those villages


And importantly, redevelopment and new development is really lifting the quality of that part of our portfolio.

and importantly redevelopment and new development is really lifting the quality of that part of our portfolio


In aggregate, the new oil facility -- oil opportunity set we see could add around 30 million barrels

in aggregate the new oil facility or oil opportunity set we see could add around 30 million barrels


start off on this basis and thereafter move to other models. But it gives WNS a 6- to 8-year run

start off on this basis and thereafter move to other models but it gives wns a 6- to 8-year run


Within our space it boils down to whether or not we are improving the delivery of goods and services, as well as enhancing the experience of our guests,

within our space it boils down to whether or not we are improving the delivery of goods and services as well as enhancing the experience of our guests


we're expanding our content and global footprint through tuck-in acquisitions that increase scale in emerging markets or expand capability.


We haven't committed to that, certainly that would be great if we could do that. But our goal is to get it over 10%, certainly by the end of the year.

we haven't committed to that certainly that would be great if we could do that but our goal is to get it over 10% certainly by the end of the year


credits going forward so -- in that year. So all the businesses improved, but the earnings ended up being flat because of the taxes.

credit going forward so in that year so all the businesses improved but the earnings ended up being flat because of the taxes


So look at our assets and regulatory diversity, that provides stability and predictability that you want to see in a company like ours.

so look at our assets and regulatory diversity that provides stability and predictability that you want to see in a company like ours


So I don't really expect to see a cost-of-funds increase over the next 2 years. Because I think any rapid prepayment will result in

so i don't really expect to see a cost of funds increase over the next 2 years because i think any rapid prepayment will result in


value of actually trying to get to the bottom of the ore body sooner and get access to that higher value ore.


and the FDA notified the company that we had resolved all outstanding Warning Letters, and the letters were officially lifted.

and the fda notified the company that we had resolved all outstanding warning letters and the letters were officially lifted


anchor a couple of these really big accounts? And maybe, what's been the hindrance on securing maybe a couple of those?

to anchor a couple of these really big accounts and maybe what's been the hindrance on securing maybe a couple of those


We're focused on offering the best cost service package for our clients and remain neutral as to whether to use Hub-owned drayage versus outsourced.

we're focused on offering the best cost service package for our clients and remain neutral as to whether to use hub-owned drayage versus outsource


not only for the commitments we made but we're also really pleased with the mix of where that growth is. It's really tilted towards very strong well-performing markets for us. So

not only to the commitments we made but we're also really pleased with the mix of where that growth is it's really tilted towards very strong well-performing markets for us so


on Q1. Just wondering if you have a pace number and what your thoughts are on core and local and national for the year.

on q1 just wondering if you had a pace number and what your thoughts are on core and local and national for the year


Our Cosmetics business had a very successful year on strong demand for makeup, lipstick and other personal care products.

our cosmetics business had a very successful year on strong demand for makeup lipstick and other personal care products


And just secondly on the remaining stake in Cadent, what is

thank you and just secondly on the remaining stake in cadent what is


or anything like that, that we would be able to analyze to determine at which point it's going. I'm encouraged by the fact that our sales force

or anything like that that we would be able to analyze to determine which point it's going i'm encouraged by the fact that our sales force


I would say the year will end up north of 8,000. And you would have continuous growth, but

i would say the year will end up north of 8 000 and you would have continuous growth but


I also want to thank them for the warm welcome they have shown me in my first few months, and I'm very glad to be part of the team here at American Midstream.

i also want to thank them for the warm welcome they have shown me in my first few months and i'm very glad to be part of the team here at american midstream


have that baked into the plan because we have the good bookings and we have, I think, a small improvement in retention also

have that baked into the plan because we have the good bookings and we have i think a small improvement in retention also


few remarks. The first thing I would say is that I, personally, I am really happy with how everyone is performing

few remarks and the first thing i would say is that i personally am really happy with how everyone is performing


New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us.

new risks and uncertainties arise over time and it is not possible to predict those events or how they may affect us


but we -- the point being is with the dismantlement and recovery of a site with a power plant,


Despite sluggish volumes, we saw some chemical prices increase in our portfolio as the quarter progressed.

despite sluggish volumes we saw some chemical prices increase in our portfolio as the quarter progressed


some of those have started to roll over. Where do see pricing in the second quarter developing for you guys?

some of those have started to roll over where do you see pricing in the second quarter developing for you guys


So this combination of 3 investments that we are making will help us substantially increase the cake milling capacity

so this combination of 3 investments that we are making will help us substantially increase our cake milling capacity


in terms of additional costs that are going into the business. The only observation that I have about M

in terms of additional costs that are going into the business the only observation that i have about m a


But as we came out of the vacation periods, CSX is struggling a little bit to get ramped up now. Obviously,

but as we came out of the vacation periods csx is struggling a little bit to get ramped up now obviously


In each of our business units, we continue these activities and as well a few additional target activities with specific market leaders,

in each of our business units we continue these activities and as well a few additional targeted activities with specific market leaders


capital for strategic objective. And as I answered to a previous question,

capital for strategic objectives and as i answered to a previous question


We expect to see benefits from our investments in digital and technology. And we are confident in our ability to complete

we expect to see benefits from our investments in digital and technology and we are confident in our ability to complete


to more effectively reflect Syniverse as the company best positioned to address these key focus areas.

to more effectively reflect syniverse as the company best positioned to address these key focus areas


and the increased use of outside contractors. We will continue to make strategic investments in our platform, products and software

and the increased use of outside contractors we will continue to make strategic investments in our platform products and software


the recovery boiler water washes, higher natural gas prices and the need to purchase higher amounts of external pulp.

the recovery boiler water washes the higher natural gas prices and the need to purchase higher amounts of external pulp


It certainly has not been easy or predictable, but we need to be patient and focused on meeting our long-term objectives.

it certainly has not been easy or predictable but we need to be patient and focused on meeting our long-term objectives


As you know, large distributors are in the process of pairing their investment product platforms,

as you know large distributors are in the process of pairing their investment product platforms


we are addressing it. We have been addressing it for some time, and we are very sure that it's going to improve. We are investing in this factory

we are addressing it we have been addressing it for some time and we are very sure that it's going to improve we are investing in this factory


we're at the point where we need to do expansions up there. But we also have facilities in the Permian. And

we're at the point where we need to do expansions up there but we also have facilities in the permian and


with the leverage ratio covenant in our credit facility, and includes the EBITDA we expect to generate

with the leverage ratio covenant in our credit facility and includes the ebitda we expect to generate


They are making progress on the work that they need to do to fully take advantage of the new components. For example, look at CBS.

they are making progress on the work that they need to do to fully take advantage of the new components for example look at cbs


This reflects favorable leverage from business mix and continued focus on operating expense improvements through our cost transformation for growth program.

this reflects favorable leverage from business mix and continued focus on operating expense improvements through our cost transformation for growth program


The Texas Department of Health and Human Services notified us this quarter that it would allow health plans to retain all outstanding quality revenue

the texas department of health and human services notified us this quarter that it would allow health plans to retain all outstanding quality revenue


Work on the facilities will commence upon completion of the contracts, and most of the required vessels and equipment are already available.

work on the facilities will commence upon completion of the contracts and most of the required vessels and equipment are already available


Would you please discuss that further and kind of circle back to what you're referring to? And really the implications

would you please discuss that further and kind of circle back to what you're referring to and really the implications


We have significant opportunities to expand our share of these served markets by leveraging our strong relationships

we have significant opportunities to expand our share of these served markets by leveraging our strong relationships


I am also excited that we can now discuss Cable ONE's growth in total as both the current and prior year

i am also excited that we can now discuss cable one's growth in total as both the current and prior year


Aside from improving our salad lineups, this launch will also allow us to reinforce our World Kitchen positioning

aside from improving our salad lineups this launch will also allow us to reinforce our world kitchen positioning


With regard to rail transportation, we were able to level out the effects from the reorganization of the segment.

with regard to rail transportation we were able to level out the effects from the reorganization of the segment


Yes. I mean, let me clarify that. I think we typically have the discussions starting in the fall, but it's effective

yes i mean let me clarify that i think it's -- we typically have the discussions starting in the fall but it's effective


And I was just wondering if you thought any of that was attributable to the passing of the federal budget earlier this year?

and i was just wondering if you thought any of that was attributable to the passing of the federal budget earlier this year


above the line and below the line, how do you allocate? It varies by company. Within our company,

above the line and below the line how do you allocate it varies by company within our company


There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements.

there are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements


and in dialysis have EPO therapy, some of whom have iron support, most of whom do not.

and in dialysis have epo therapy some of whom have iron support most of whom do not


gaining required certifications, new product developments, future orders to be received from our customers,

gaining required certifications new product developments future orders to be received from our customers


which reflects our ongoing confidence in the long-term strong cash flow generation capabilities of the company.


just because we don't get something doesn't mean that we aren't interested. But what I will tell you is that

just because we don't get something doesn't mean that we aren't interested but what i will tell you is that


will give us a stronger value proposition to those contractors to be able to communicate better with the owners that they're serving today.


The Houston consolidation marks a major milestone in our integration plan as now all facility consolidations are complete,

the houston consolidation marks a major milestone in our integration plan as now all facility consolidations are complete


of rental properties through these companies in Israel and there are a lot of land bank that we have into commercial properties.

of rental properties through these companies in israel and there are a lot of land bank as we have in commercial properties


I think, the utilities to go out with some kind of a competitive process and so it will take us some time. But we are very

i think the utilities to go out with some kind of a competitive process and so it will take us some time but we are very


But we have a very substantial, as I've said before, number of claims teed up in negotiations

but we have a very substantial as i've said before number of claims teed up in negotiations


over future years, how do you get that net interest margin up closer towards peer levels?

over future years how do you get that net interest margin up closer towards peer levels


how many kilometers your current infrastructure is and what the penetration is of


The key markets we're presently exposed to are education, affordable housing, corrections and resources

the key markets we're presently exposed to are education affordable housing corrections and resources


out on the road and speaking with you again on our fourth quarter conference call that we anticipate, likely, in March.

out on the road and speaking with you again on our fourth quarter conference call that we anticipate likely in march


This quarter, we had sizable bookings from cloud platform providers that triggered the projects we announced during the quarter,

this quarter we had sizable bookings from cloud platform providers that triggered the projects we announced during the quarter


before the turning the call over to Andy Hendricks, who will share some comments on our operational highlights as well as our outlook.

before turning the call over to andy hendricks who will share some comments on our operational highlights as well as our outlook


Let me start this morning by saying that I'm very pleased with our progress this quarter and believe that we're off to a great start this year.

let me start this morning by saying that i'm very pleased with our progress this quarter and believe that we are off to a great start this year


but I can just tell you that our service area in particular is experiencing significant growth. And I would say most of it is in and around

but i can just tell you that our service area in particular is experiencing significant growth and i would say most of it is in and around


testing and a larger area for added capacity as well as valve modification shop.


the way we're thinking about spending, you and I both know that you don't make these commitments on, what is today, January 18 and

the way we're thinking about spending you and i both know that you don't make these commitments on what is today january 18th and


This backlog represents the amount of revenue that we expect to realize in the near future as a result of firm committed purchase orders.

this backlog represents the amount of revenue that we expect to realize in the near future as a result of firm committed purchase orders


In the end, that won't drive the final decision, right? We're going to pick the best opportunities in the marketplace. But

in the end that won't drive the final decision right we're going to pick the best opportunities in the marketplace


We have shared our concerns about the long-term market dynamics in the Chinese Recon market periodically on our earnings call.

we have shared our concerns about the long-term market dynamics in the chinese recon market periodically on our earnings call


by a greater amount than a decline in the actual diesel cost that we are incurring

and by a greater amount than the decline in the actual diesel cost that we are incurring


we plan to offer a full assortment of RV parts and accessories in all Gander locations by the end of this year.

we plan to offer a full assortment of rv parts and accessories in all gander locations by the end of this year


an organization that is more consumer- and customer-centric and more competitive for the connected world.

an organization that is more consumer and customer-centric and more competitive for the connected world


The deployment of this smart grid technology would require a legislative change. And so we'll continue to advocate for that for the benefit of our customers.

the deployment of this smart grid technology would require legislative change and so we'll continue to advocate for that for the benefit of our customers


We believe the investment by Silver Lake and LinkedIn not only endorses our plan, it accelerates it.

we believe the investment by silver lake and linkedin not only endorses our plan it accelerates it


to our board immediately upon the closing of the transaction, which is expected to occur by the end of the year.

to our board immediately upon the closing of the transaction which is expected to occur by the end of the year


systems over the past couple of years really are -- will help us drive some of this efficiency and effectiveness across the org. So

systems over the past couple of years really are what will help us drive some of this efficiency and effectiveness across the org so


tasks that are quite common across all plans, like the creation of member handbooks and notices and so forth that could be

tasks that are quite common across all plans like the creation of member handbooks and notices and so forth that could be


and that's a doubling of our daily predictions just last quarter. This is the most strategic technology for our customers.

and that's a doubling of our daily predictions just last quarter this is the most strategic technology for our customers


So this will be the first big year in terms of percent of the chain being renovated, and

so this will be the first big year in terms of percent of a chain being renovated and


Our so-called deposit beta, or the increase in the cost of deposits expressed as a percentage of the increase in the cost of federal funds rate,

our so-called deposit beta or the increase in the cost of deposits expressed as a percentage of the increase in the cost of federal funds rate


Much of the improvement came from the oil and gas portfolio, and we remain optimistic that we will continue to see further favorable changes

much of the improvement came from the oil and gas portfolio and we remain optimistic that we will continue to see further favorable changes


And then to be able to use that change to power through -- power up what we would look at for the responder analyses.

and then to be able to use that chain to power through -- power up what we would look at for the responder analysis


For the quarter, international sales increased in the Infrastructure Group and the Aggregate and Mining Group and decreased in the Energy Group.

for the quarter international sales increased in the infrastructure group and the aggregate and mining group and decreased in the energy group


acquired growth, it takes us some time to work through the new volumes to get to higher sustainable margins for us.

acquired growth it takes us some time to work through the new volumes to get to higher sustainable margins for us


The disease is a genetic disorder where mutations in the disease gene lead to the production of an abnormal protein,

the disease is a genetic disorder where mutations in the disease gene lead to the production of an abnormal protein


as well as the impact of the previously discussed decline in surgical volumes and the impact of the LHC transaction.

as well as the impact of the previously discussed decline in surgical volumes and the impact of the lhc transaction


We are constantly finding ways to improve upon our track record as efficient operators.

we are constantly finding ways to improve upon our track record as efficient operators


and, in doing so, enhance customer experience to create greater satisfaction and brand loyalty.

and in doing so enhance customer experience to create greater satisfaction and brand loyalty


So that is also a little bit why we have set up the structure with product area. So these are 8 companies that are working hard

so that is also a little bit why we have set up the structure with product areas so these are 8 companies that are working hard


The divestitures improve our growth rates while we're moving quickly to remove stranded costs associated with these actions.

the divestitures improve our growth rates while we're moving quickly to remove stranded costs associated with these actions


Our fourth quarter has a number of fairly significant projects that are scheduled to deliver in the fourth quarter,

our fourth quarter has a number of fairly significant projects that are scheduled to deliver in the fourth quarter


Because we remain in a process, I am limited to the information that I can provide. But I wanted to highlight a couple of important points

because we remain in a process i'm limited to the information that i can provide but wanted to highlight a couple of important points


Our leaders are working harder than ever to build community gathering places that become a key part of our guests everyday lives and to the lives of our team members.

our leaders are working harder than ever to build community gathering places that become a key part of our guests' everyday lives and to the lives of our team members


It's probably fair to say that there's a little bit of a capacity going in there ahead of demand, so that's one to be careful of.

it's probably fair to say that there's a little bit of capacity going in there ahead of demand so that's one to be careful of


Now Reading is able to make unilateral decisions about the Cannon Park City Centre without input from Charter Hall.

now reading is able to make unilateral decisions about the cannon park city center without input from charter hall


Are there price increases set for the fourth quarter given the steel situation? Or have they already occurred?

are there price increases set for the fourth quarter given the steel situation or have they already occurred


Before I give an overview of our second quarter investment activity, let me give a brief update on our strategic

before i give an overview of our second quarter investment activity let me give a brief update on our strategic


those shortages may last. If they believe those shortages, and you've probably read this like I have, might end by the end of the year,

those shortages may last if they believe those shortages and you probably read this like i have might end by the end of the year


We are benefiting from the actions we've taken over the past several years to grow and diversify the company into new products and new markets.

we are benefiting from the actions we've taken over the past several years to grow and diversify the company into new products and new markets


a pretty interesting pipeline of acquisitions. Kind of pulling on your question a little bit,

a pretty interesting pipeline of acquisitions kind of pulling on your question a little bit


Investment securities was up a little due to lower premium amortization, but also from purchases during this quarter.

investment securities was up a little due to lower premium amortization but also from purchases during this quarter


Our revenue premium and superior earnings are maintaining -- are maintained through our focus on the customer.

our revenue premium and superior earnings are maintaining -- are maintained through our focus on the customer


There's only so much that customers will spend during the quarter. And if one category or one type of product

there's only so much that customers will spend during the quarter and if one category or one type of product


sense of what sort of capability we've built, some of the technologies that we've got in there, and what we're looking to do.

sense of what sort of capability we've built some of the technologies that we've got in there and what we're looking to do


To be very blunt, the only thing we saw in the quarter was a little bit of weakness in HHI. So we expect a little bit more sales there.

to be very blunt the only thing we saw in the quarter was a little bit of weakness in hhi so we expected a little bit more sales there


Such forward-looking statements are subject to certain risks that could cause actual results to differ materially from those projected.

such forward-looking statements are subject to certain risks that could cause actual results to differ materially from those projected


This upgraded service covers up to 10,000 square feet when deployed with the latest Wi-Fi technology installed by Cable ONE business.

this upgraded service covers up to 10 000 square feet when deployed with the latest wifi technology installed by cable one business


book that has the supplementary capital applied to it. The other thing of note is that supplementary capital is dynamic in terms of the calculation of

book that has the supplementary capital flight -- the other thing of note is the supplementary capital is dynamic in terms of the calculation of


I've read your report. I thought it was extremely well done, and I'd tell you that I agree wholeheartedly with the thesis that you laid out

i've read your report i thought it was extremely well done and i'd tell you that i agree wholeheartedly with the thesis that you laid out


Some states will be more progressive than others. But I think you're going to continue over time to see more and more regulations

some states will be more progressive than others but i think you're going to continue over time to see more and more regulations


we added 1 million incremental new customers as our spending mix shifted to acquisition from our historical transactional tactics.


Our strong balance sheet continues to provide flexibility to pursue a range of growth opportunities while maintaining a strong leverage ratio.

our strong balance sheet continues to provide flexibility to pursue a range of growth opportunities while maintaining a strong leverage ratio


These 2 items are fundamental to our policy of returning cash to our shareholders, and we remain firmly committed to continuing them.

these 2 items are fundamental to our policy of returning cash to our shareholders and we remain firmly committed to continuing them


and meeting your needs as investors. So thank you very much and look forward to talking to you at a future date. Thank you. Bye-bye.

and meeting your needs as investors so thank you very much and look forward to talking to you in a future date thank you bye-bye


to continue to service the client with information and the data they need to do their job. We'll continue to bring them cost-saving opportunities and

to continue to service the client with information and the data they need to do their job we'll continue to bring them cost-saving opportunities and


We have now experienced traffic increases in 8 out of the last 9 quarters.

we have not experienced traffic increases in 8 out of the last 9 quarters


are starting to produce more visible opportunities, and we're focused on rebuilding this business back up in order to further grow profitability in the company.

are starting to produce more visible opportunities and we're focused on rebuilding this business back up in order to further grow profitability in the company


and thirdly, also, investment in our brands, such as advertising and also, activities at the point of sale.

and thirdly also investment in our brands such as advertising and also activities at the point of sale


You may remember Germany, France, Italy and Switzerland were the 4 core markets we started on

you may remember germany france italy and switzerland were the 4 core markets we started on


And in getting back to basics, we need to focus on our fundamental principles and cash flow generation as chief amongst them.

and in getting back to basics we need to focus on our fundamental principles and cash flow generation is chief amongst them


invest the total net proceeds of the spreads sale into buybacks this year and no more and no less than that, can I just be clear?

invest the total net proceeds of the spread sale into buybacks this year and no more and no less than that can i just be clear


If we take that together, what that has created is a very strong foundation.

if we take that together what that has created is a very strong foundation


We started construction at Newport and Brisbane and Elara here in Sydney, taking advantage of our large residential communities land bank.

we started construction at newport in brisbane and alara here in sydney taking advantage of our large residential communities land bank


That, together with the other key driver, being the reduction in our overhead spend. And that is due to the timing of expenditure,

that together with the other key driver has been the reduction in our overhead spend and that is due to the timing of expenditure


Our working interest tends to be higher in Area 2, so that would be a change to our capital program and anticipated production.

our working interest tends to be higher in area 2 so that would be a change to our capital program and anticipated production


with a series of good projects, a series of very good projects, a series of bad projects and a series of very bad projects.

with a series of good projects a series of very good projects a series of bad projects and a series of very bad projects


and we're quietly working our way through a program of those sorts of things on the business and technology side of things.


and that we have seen enough progress that we expect to announce at least one molecule this year


continue to give us optimism for continued growth of DermACELL both in breast and in wound applications.

continue to give us optimism for continued growth of bryostatin both in breast and in wound applications


clients push for productivity improvements. We continue to deliver those. We continue to execute to what we commit to within our contracts.

clients push for productivity improvements we continue to deliver those we continue to execute to what we commit to within our contracts


the banking and financial vertical. Any color you can give us there in terms of the demand trends or opportunities you see?

the banking and financial vertical any color you can give us there in terms of the demand trend or opportunities you see


had gains in terms of quality. To mitigate that, the way we look at companies make it

had gains in terms of quality to mitigate that the way we look at companies make


First, dating back to the beginning of 2015, we discussed that the quarterly rate comps would become more difficult as the year progressed

first dating back to the beginning of 2015 we discussed that the quarterly rate comps would become more difficult as the year progressed


into additional containers for Intermodal because our focus is upon working to improve the earnings and return on our previous investments.

into additional containers for intermodal because our focus is upon working to improve the earnings and return on our previous investments


As a result of this sale, we will be able to reduce by 1 billion pounds the carbon dioxide from the company's annual emissions.

as a result of this sale we will be able to reduce by 1 billion pounds the carbon dioxide from the company's annual emissions


are really positive with the Chinese consumer, and we have every expectation that we can actually bring growth

are really positive with the chinese consumer and we have every expectation that we can actually bring growth


So in closing, I just want to say thanks for your attention. We really feel optimistic

so in closing i just want to say thanks for your attention we really feel optimistic


Perhaps using it in slightly different ways over time, as we've speculated on a bit in the past and some companies are attempting.

perhaps using it in slightly different ways over time as we've speculated on a bit in the past and some companies are attempting


And following on that, I think you mentioned in your Q1 report that one of the factors driving increased profitability

following on i think you mentioned in your q1 report that one of the factors driving increased profitability


And you can expect that the improvement will continue until there's a change in the programs driving the reduced level of process gross to net deductions.

and you can expect that the improvement will continue until there's a change in the programs driving the reduced level of process gross-to-net deductions


Regarding our PicOnyx investment, we are currently working to finalize our asset contribution in exchange for a minority position in the company.

regarding our pecanix investment we are currently working to finalize our asset contribution in exchange for a minority position in the company


and also reduces the associated letters of credit fees. Staying on the topic of liquidity during the third quarter

and also reduces the associated letters of credit fees staying on the topic of liquidity during the third quarter


we are able to constantly renew existing publisher contracts and win new mandates to round our existing portfolio.


Yes, I would say it's slightly higher than our everyday business at brokerage because we're providing more services.

yes i would say it's slightly higher than our everyday business at brokerage because we're providing more services


Wales. Having said that, it is a very valuable site, and there's a lot of density on the site and it's a prime location.

having said that it is a very valuable site and there's a lot of density on the site and it's a prime location


such as caring for the frail and vulnerable wherever they reside, delivering value and transparency in pharmacy care services

such as caring for the frail and vulnerable wherever they reside delivering value and transparency in pharmacy care services


we will do the deal. If they intend to look for great television to subsidize them, then we will not do that deal.

we will do the deal if they intend to look for great television to subsidize them then we will not do that deal


As part of this announcement, we shared quantifiable results regarding the benefits of haptics in mobile advertising.

as part of this announcement we shared quantifiable results regarding the benefits of haptics in mobile advertising


I'm a bit curious why you are even providing a guidance because in these situations, historically, you have not

i'm a bit curious why you are even providing a guidance because in these situations historically you have not


I know we are on the right track and I'm very excited to continue to execute on our growth plans now and into the future.

i know we are on the right track and i am very excited to continue to execute on our growth plans now and into the future


by building out the team further, connecting it to our brand and ability to market and our own networks.

by building out the team further connecting it to our brand and ability to market and our own networks


we're assuming conditions stay pretty challenging like they were in the second quarter and continue that way for the rest of the year.


And then the negative earnings affect will be -- as you grow your receivables

and then the negative earnings effect will be as you grow your receivables


And I'm confident sales will continue to increase as our commercial resources gain even more leverage in all regions.

and i'm confident sales will continue to increase as our commercial resources gain even more leverage in all regions


Another example of our focus on the controllable aspects of our business is our effective expense management.

another example of our focus on the controllable aspects of our business is our effective expense management


It's a little bit early because this was somewhat of a learning experience for both sides.

it's a little bit early because this was somewhat of a learning experience for both sides


So expenses must be in line or a couple of percentage points

so expenses must be in line or a couple of percentage points


supported by some major projects down there in Peru and some others in South Korea and in China.

supported by some major projects down there in peru and some others in south korea and in china


In addition, this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast,

in addition this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast


You mentioned that's going to be at a reduced borrowing rate. I wonder if you could give us a little more color around that. And also, when do you expect to be able to close this?

you mentioned that's going to be at a reduced borrowing rate i wonder if you could give us a little more color around that and also when do you expect to be able to close this


We expect this magnitude of decline to gradually dissipate the remainder of the year, as the impact of Zika in the market began in August

we expect this magnitude of decline to gradually dissipate the remainder of the year as the impact of zika in the market began in august


we hold negotiations together with our customers. And in many cases, these are quarterly negotiations. And in others,

we hold negotiations together with our customers and in many cases these are quarterly negotiations and in others


So let me say that nothing has changed in our expectations

so let me say that nothing has changed in our expectations


The difficult driver market, combined with the implementation of more stringent hiring requirements, continue to be a headwind for our business.

the difficult driver market combined with the implementation of more stringent hiring requirements continue to be a headwind for our business


we're going to need to do more with less here. And we know that cost is a big part of it. And operational excellence is also a big part of it. So

we're going to need to do more with less here and we know that cost is a big part of it and operational excellence is also a big part of it so


because we would like to grow more than we're currently growing, and that opportunity may arise at some point in the future. And of course, it's a combination of

because we would like to grow more than we're currently growing and that opportunity may arise at some point in the future and of course it's a combination of


and it's been appropriate to also transform the executive team for the new asset base and our future growth expectations.


I think the company has never been in a better position to expand and to exploit the market opportunities there for our services.

i think the company's never been in a better position to expand and to exploit the market opportunities there for our services


This single data fabric will deliver seamless real-time integration and data access across our many unique data sources.

this single data fabric will deliver seamless real-time integration and data access across our many unique data sources


Jeff, with respect to what the ideal partner would be. There's probably 7 or 8 criteria there. We pulled that together

jeff with respect to what the ideal partner would be there's probably 7 or 8 criteria there we pulled that together


as we applied tighter disciplines and controls to our key working capital and inventory balances.

as we apply tighter disciplines and controls to our key working capital and inventory balances


or potential customers in the backlog who want to install BEACON and want to start using our products.

or potential customers in the backlog who want to install beacon and want to start using our products


we'll often stress or emphasize that the quarter year-over-year results or comparisons are not always the most meaningful. We will look

we'll often stress or emphasize that the quarter year-over-year results or comparisons are not always the most meaningful we will look


I believe that when you shop our stores this season, you will agree that the assortment looks great.

i believe that when you shop our stores this season you will agree that the assortment looks great


you've got the investment and new that comes in your cost ex fuel, but the benefit comes in the fuel line and that piece there.

you've got the investment in new fleet that comes in your cost ex-fuel but the benefit comes in the fuel line and that piece there


we're quoting on a ton of connectivity business this year, and we do believe this will help position us for future growth.

we're quoting on a ton of connectivity business this year and we do believe this will help position us for future growth


And we expect this segment will return to a slow, steady pace of improvement in 2018 as customer inventories of spare parts are depleted,

and we expect the segment will return to a slow steady pace of improvement in 2018 as customer inventories of spare parts are depleted


We are also focused on profitably scaling integrated marketing on-demand solution offers,

we are also focused on profitably scaling integrated marketing on-demand solution offers


label converters seeking a flexible solution that meets the demands for short label runs and professional printing houses.


Our friends at Chase have remained very supportive of the company and management, and while handling of a very challenging Medicare billing transition.

our friends at chase have remained very supportive of the company and management and the handling of a very challenging medicare billing transition


the maintenance price increase for those customers who don't take advantage of the M2S program and less discounting and promotional activity.

the maintenance price increase for those customers who don't take advantage of the m2s program and less discounting and promotional activity


And finally, the renewable power generation segment is driving growth as solar acquisition activity is especially strong.

and finally the renewable power generation segment is driving growth as solar acquisition activity is especially strong


by completing a strategic investment in Racemi, a specialist in helping clients migrate their applications

by completing a strategic investment in racemi a specialist in helping clients migrate their applications


While YRC Freight reported improved financial results over last year, we are far from satisfied with our overall performance.

while yrc freight reported improved financial results over last year we are far from satisfied with our overall performance


Our long-term goal remains to reduce the company's leverage, and we will look at refinancing our debt when the time is right.

our long-term goal remains to reduce the company's leverage and we will look at refinancing our debt when the time is right


Discussions will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles.

discussions will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles


There can be no assurance that the actual future results, performance or achievements expressed or implied by such forward-looking statements will occur.

there can be no assurance that the actual future results performance or achievement expressed or implied by such forward-looking statements will occur


Based on our data, we believe that the blockade of CTGF will be a more effective approach to fibrotic disease and multiple cancers.

based on our data we believe that the blockade of ctgl will be a more effective approach to fibrotic disease and multiple cancers


And second, a small percentage of new enterprise accounts decide to utilize their own carriers for usage.

and second a small percentage of new enterprise accounts decided to utilize their own carriers for usage


And another key win in the sector was our recently announced contract with Ballard Power Systems

and another key win in this sector was our recently announced contract with ballard power systems


And certainly, I believe we have a very strong business plan with significant rate base and earnings growth and a very competitive dividend.

and certainly i believe we have a very strong business plan with significant rate base and earnings growth and a very competitive dividend


and Aerospace operations are well positioned to gain advantage from favorable conditions for a number of our programs

and our aerospace operations are well positioned to gain advantage from favorable conditions for a number of our programs


packaging, and there were some really interesting unique engines that they talked about for their dispensing business.

packaging and there were some really interesting unique engines that they talked about for their dispensing business


The team at Southeastern is a strong addition to the South State team, and we believe that the merger will be additive in many ways to the company.

the team at southeastern is a strong addition to the southstate team and we believe that the merger will be additive in many ways to the company


as a result of the consolidations, supply chain enhancements and pricing initiatives we implemented during the downturn.

as a result of the consolidations supply chain enhancements and pricing initiatives we implemented during the downturn


The first quarter of each calendar year generally produces our weakest financial results. The second and third

the first quarter of each calendar year generally produces our weakest financial results the second and third quarter


Pricing performance reflected the benefits of prior pricing actions and the surcharge applied to recover tariffs.

pricing performance reflected the benefits of prior pricing actions and the surcharge applied to recover tariffs


In motorcycle business operations, group unit sales decreased primarily in Indonesia, China and Brazil.

in motorcycle business operations group unit sales decreased primarily in indonesia china and brazil


But I would say almost every company is thinking about themselves as a technology company or is positioning themselves

but i would say almost every company is thinking about themselves as a technology company or is positioning themselves


we had growth across all of our commercial products during the quarter, which led to the 23% growth over the fourth quarter last year.

we had growth across all of our commercial products during the quarter which led to the 23% growth over the fourth quarter last year


The main issue here is that the environment on the investment market

the main issue here is that the environment on the investment market


VIBE offers more liquid than the brand's previous products and also has a more powerful and longer-lasting battery.

vibe offers more liquid than the brand's previous products and also has a more powerful and longer-lasting battery


These assets are now embedded in each of our businesses. We're able to use these assets to help drive client value.

these assets are now embedded in each of our businesses we're able to use these assets to help drive client value


I signed up for that contract but I don't really need it now, and can you let me get out of it or can we defer the timing of it?

i signed up for that contract but i don't really need it now and can you let me get out of it or can we defer the timing of it


And we're looking at where this trucking is taking place and we're telling these people that we're not going to give you a trucking

and we're looking at where this trucking is taking place and we're telling these people that we're not going to give you a trucking


Also, please note that this guidance does not reflect the operational or capital impact of any future acquisition,

also please note that this guidance does not reflect the operational or capital impact of any future acquisition


And as I mentioned earlier, we expect to see improved productivity, both in the short term as new technicians progress along the learning curve

and as i mentioned earlier we expect to see improved productivity both in the short term as new technicians progress along the learning curve


general indicator of interest in the asset class and transaction volumes, things are very healthy right now.

general indicator of interest in the asset class and transaction volumes things are very healthy right now


Our discussion of operating performance will include non-GAAP financial measures within the meaning of SEC Regulation G.

our discussion of operating performance will include non-gaap financial measures within the meaning of sec regulation g


I mentioned in my comments that we're still very much focused on our existing customer base for all the reasons you might expect, Chris.

i mentioned in my comments that we're still very much focused on our existing customer base for all the reasons you might expect chris


Combining these industry leaders will enhance our ability to deliver on our mission of providing affordable,

combining these industry leaders will enhance our ability to deliver on our mission of providing affordable


which would mean in the spaces that we already play with the businesses that we already have, in our major segments that we're growing at or above market.

which would mean in the spaces that we already play with the businesses that we already have in our major segments that we're growing at or above market


acquire customers at the right cost and be able to charge the right prices, too, there was a large market to be tapped.

acquire customers at the right cost and be able to charge the right prices to there was a large market to be tapped


This will be more than replaced beginning in the December quarter, when Vulcan Materials starts mining and paying royalties

this will be more than replaced beginning in the december quarter when vulcan materials starts mining and paying royalties


And there are some companies in Florida as well that we think could be very compelling to us in terms of

and there are some companies in florida as well that we think could be very compelling to us in terms of


We don't expect that we'll be able to continue to gain on that. We would really -- we're expecting that

we don't expect that we'll be able to continue to gain on that we would really -- we're expecting that


We typically have an ability to keep those in the portfolio if we want to. So if we're exiting them, you can assume that we're exiting them for a reason,

we typically have an ability to keep those in the portfolio if we want to so if we're exiting them you can assume that we're exiting them for a reason


These forward-looking statements are subject to the risks that could cause actual results to be materially different.

these forward-looking statements are subject to the risks that could cause actual results to be materially different


you can't really choose to ignore us and be as successful as somebody who engages with us. On the

you can't really choose to ignore us and be as successful as somebody who engages with us on the


as we've modeled out the historical maturity of our dealerships, the return on capital actually is exceeding

as we've modeled out the historical maturity of our dealerships the return on capital actually is exceeding


long-time customers in that group and they tend to sign 3- to 5-year contracts. So there's a good amount of stability in the customer base.

longtime customers in that group and they tend to sign 3- to 5-year contracts so there's a good amount of stability in the customer base


Now turning to Page 20. Now we have a deep look on our financial figures.

now turning to page 20 now we have a deep look on our financial figures


But both of those numbers are really still very conservative relative to what we're capable of and relative to the capital programs that we've had in the past.

but both of those numbers are really still very conservative relative to what we're capable of and relative to the capital programs that we've had in the past


the work that Michael is doing, maybe speak to that. And as that product quality goes up, the ability to take a little bit more on price,

the work that michael is doing maybe speak to that and as that product quality goes up the ability to take a little bit more on price


overall, its performance still has tremendous room to improve, and we're taking the right steps to realize those opportunities.

overall its performance still has tremendous room to improve and we're taking the right steps to realize those opportunities


And that we have also learned our lessons, also, going back in the past. When you look at what has hit us,

and that we have also learned our lessons also going back in the past when you look at what has hit us


elevated origination volumes and margins for the mortgage industry. While interest rates have fallen,

elevated origination volumes and margins for the mortgage industry while interest rates have fallen


This vessel is currently providing ammonia transportation services under a 10-year charter with Potash Corporation.

this vessel is currently providing ammonia transportation services under a 10-year charter with potash corporation


I would just broaden the Middle America part to definitely talk about the broad swath of the Southern U.S.

i would just broaden the middle america part to definitely talk about the broad swath of the southern u s


As we close out fiscal 2018, most of our targets remain consistent with previous guidance, but I'd like to highlight a few specifics.

as we close out fiscal 2018 most of our targets remain consistent with previous guidance but i'd like to highlight a few specifics


Vince will then review our segment results and provide a more detailed financial overview. As always, we'll leave time to answer your questions.

vince will then review our segment results and provide a more detailed financial overview as always we'll leave time to answer your questions


Investments will serve to improve the digital user experience for our partners and customers, as well as expand our HSA investment capabilities.

investments will serve to improve the digital user experience for our partners and customers as well as expand our hsa investment capabilities


As we mentioned in today's press release, we'll be presenting some compelling new ATLAS data at next week's SITC meeting,

as we mentioned in today's press release we'll be presenting some compelling new atlas data at next week's sitc meeting


These discussions are ongoing and, of course, we'll update the market as soon as we have material news to share.

these discussions are ongoing and of course we'll update the market as soon as we have material news to share


The effect on associated companies and net financials are related to the change in market value in the period

the effect on associated companies and net financials are related to the change in market value in the period


So we don't expect we're going to have major disruption there. The other thing that happens in the second half is,

so we don't expect we're going to have major disruption there the other thing that happens in the second half is


that over the next several years we're going to see a 5% compound annual growth rate in our content per vehicle.


The quarter's results again reflect the progress we have made to date to meet the needs of the demanding and fast-moving medical markets,

the quarter's results again reflect the progress we have made to date to meet the needs of the demanding and fast-moving medical markets


in the fourth quarter of last year, we were obviously -- the business was not doing as well as we would have liked it to do. Things started to slow down, so we had

in the fourth quarter of last year we were obviously the business was not doing as well as we would have liked it to do things started to slow down so we had


We have accepted and are in alignment with the recommendation of the FDA. Accordingly

we have accepted and are in alignment with the recommendation of the fda accordingly


and future predictions are forward-looking statements intended to be covered by the safe harbor provisions of the securities act

and our future predictions are forward-looking statements intended to be covered by the safe harbor provisions of the securities act


This morning, I'll provide an overview of our first quarter performance and also discuss activity within our regions and current market conditions.

this morning i'll provide an overview of our first quarter performance and also discuss activity within our regions and current market conditions


execution. We do expect that to be coming back in, but it's not going to go all into the second quarter.

execution we do expect that to be coming back in but it's not going to go all into the second quarter


And we continue to be very excited about it. We will get a significant amount of the Band 14 up this year,

and we continue to be very excited about it we will get a significant amount of the band 14 up this year


is the -- as we build out the physician platform, the ability to extend

is the -- as we build out the physician platform the ability to extend


Second, a lower loss from Corporate and Other operations, driven by favorable fluctuations in expenses and investment income.

second a lower loss from corporate and other operations driven by favorable fluctuations in expenses and investment income


And so currently, we are focused very much on continuing that pattern. And so

and so currently we are focused very much on continuing that pattern and so


increase that flywheel as we move into the next second half and beyond. Also with the second half last year, the

increase that flywheel as we move into the next second half and beyond also with the second half last year the


it does add a little bit of additional traceability monitoring for us to ensure we can continue to track that product and gets into the channel.

it does add a little bit of additional traceability monitoring for us to ensure we can continue to track that product that gets into the channel


We're also -- continue to believe that the technology will provide a superior refrigerated truck body product for our customers.

we also continue to believe that the technology will provide a superior refrigerated truck body product for our customers


think the last time I pointed out -- last time we talked about that, we said it would take a couple of years

think the last time -- morning derek last time we talked about that we said it would take a couple of years


And then when you take that away, you have a very different scenario. So if you looked at it over the last 2 years when there was no payment

and then when you take that away you have a very different scenario so if you looked at it over the last 2 years when there was no payment


under contract, under binding contract. And I was just wondering if you could give us any visibility on

under contract under binding contract and i was just wondering if you could give us any visibility on


This investment has a positive NPV and strong financial payback driven by the cost savings associated with having a single site

this investment has a positive mpv and strong financial payback driven by the cost savings associated with having a single site


look at it that way, right? This is a phenomenal feeder channel for us, and we'll continue to invest in this business. I mean, some of the

look at it that way right this is a phenomenal feeder channel for us and we'll continue to invest in this business i mean some of the


For this reason, a number of AML patients during the screening process were not enrolled in the trial because of their advanced disease.

for this reason a number of aml patients during the screening process were not enrolled in the trial because of their advanced disease


assumed that the settlement was a huge win for Herbalife. We're now going to go to a video clip. Let me just introduce it before we begin the clip.

assumed that the settlement was a huge win for herbalife we're now going to go to a video clip let me just introduce it before we begin the clip


As I hope you can appreciate, we will not be making any further public comments about this process until we complete our evaluation.

as i hope you can appreciate we will not be making any further public comments about this process until we complete our evaluation


primarily driven by particularly strong growth in Chinese white spirits despite the later timing of Chinese New Year.

primarily driven by particularly strong growth in chinese white spirits despite the later timing of chinese new year


This focus on returning to profitability is our overarching mandate and is incorporated in all of our initiatives.

this focus on returning to profitability is our overarching mandate and is incorporated into all of our initiatives


reflecting the timing of various rollouts where we continue to expect sales to be up about 15% for the full year.

reflecting the timing of various rollouts but we continue to expect sales to be up about 15% for the full year


In the first quarter, we on-boarded several new customers and have additional on-boarding scheduled in the second quarter.

in the first quarter we onboarded several new customers and have additional onboarding scheduled in the second quarter


And given we've had the paper on the calibration of the Pillar 2A, do you have a sense of where that buffer will go to on the stress

and given we've had the paper on the calibration of the pillar 2a do you have a sense of where that buffer will go to under stress


gun market as a driver for our business. As such, Core's ballistic engineers recently teamed up with a major service provider

gun market as a driver for our business as such core's ballistic engineers recently teamed up with a major service provider


and you look at the acute care that you can deliver through a strong retail network, you look at the other things you can do to build the star ratings, the health plans and other things,

and you look at the acute care that you can deliver through a strong retail network you look at the other things you can do to deliver star ratings to health plans and other things


This brings our development program count in strategic markets to a total of 5, up from 3 last quarter.

this brings our development program count in strategic markets to a total of 5 up from 3 last quarter


Please go on to Slide 5 and we will review other relevant facts through the period.

please go on to slide 5 and we will review other relevant facts through the period


And quite frankly, one that we think is very difficult for others, especially in the start-up phase, to compete with because

and quite frankly one that we think is very difficult for others especially in the startup phase to compete with because


As you know, we benefited from a soft comparator in the fourth quarter last year as we lapped both demonetization in India

as you know we benefited from a soft comparator in the fourth quarter last year as we lapped both demonetization in india


and then have cash available for operations and investment going forward and have the full use of our revolver going forward. So

and then have cash available for operations and investment going forward and have the full use of our revolver going forward so


on your last response there that the Nike revenue run rate is a little bit slower than what you planned maybe a year or two ago.

on your last response there that the nike revenue run rate is a little bit slower than what you planned maybe a year or 2 ago


operational tanks needed, we have moved some of those projects and accelerated it into this year. And we've been able to do that.

operational tanks needed we have moved some of those projects and accelerated into this year and we've been able to do that


We believe this tuck-in acquisition strengthens our capabilities and domain expertise in the pharma space.

we believe this tuck-in acquisition strengthens our capabilities and domain expertise in the pharma space


As a result of the recent political and economic events in Venezuela, we wrote down our investment in Venezuela.

as a result of the recent political and economic events in venezuela we wrote down our investment in venezuela


we figure we'll be able to improve our automation and then get more system efficiency out of that.


Finally, offshore. This has been touched on a little bit, and it's really mostly falls outside of the planned scope but it's a

finally offshore this has been touched on a little bit and it's really mostly falls outside of the plan scope but it's a


So no change on a consolidated basis for that item. But when you do look at the Renewables results, they look a little low for the year

so no change on a consolidated basis for that item but when you do look at the renewables results they look a little low for the year


This regulatory focus will certainly continue in the future, and therefore, it is essential to have in place an operational model

this regulatory focus will certainly continue in the future and therefore it is essential to have in place an operational model


Before we begin, let me remind you that comments regarding the company's results and projections may include forward-looking statements,

before we begin let me remind you that comments regarding the company's results and projections may include forward-looking statements


We remain focused on tight cost control while at the same time, making appropriate investments in our businesses.

we remain focused on tight cost control while at the same time making appropriate investments in our businesses


And I was curious as to, as you look at where we are right now and you try to assess your strategy over the course of the next few years, let's say,

and i was curious as to -- as you look at where we are right now and you try to assess your strategy over the course of the next few years let's say


and so we've been able to offset some of the lot cost increases we've been seeing come through to protect the margins.


Strategic execution by the FedEx team and a stronger global economy drove improved financial results,

strategic execution by the fedex team and a stronger global economy drove improved financial results